暴跌25%！中兴通讯，突发！

Core Viewpoint - ZTE Corporation's stock has experienced significant declines, with A-shares dropping over 7% and H-shares falling more than 8% due to negative rumors affecting market sentiment [2][4]. Stock Performance - ZTE's stock price saw a sharp decline following the release of unfavorable news, with its related warrants plummeting over 25% in a short period [2][4]. - The stock price of ZTE was reported at 29.120, reflecting a decrease of 7.96% [4]. Shareholder Activity - There is a noticeable divergence in the attitudes of major shareholders towards ZTE. Notably, foreign investors have been reducing their holdings in ZTE's H-shares [5]. - BlackRock's holdings in ZTE's H-shares decreased from 7.96% to 6.80% as of September 30, marking a reduction of 1.16 percentage points [5]. - JPMorgan Chase & Co. and UBS have also reduced their stakes in ZTE, with JPMorgan selling 1.6921 million shares and UBS reducing its holdings by 1.4697 million shares [5]. Positive Developments - Despite the stock decline, ZTE has announced several positive developments, including a collaboration with ByteDance on the AI phone Nubia M153, which quickly sold out after its launch [6][7]. - ZTE's partnership with GAC Group has led to the introduction of a domestically designed SOC chip for smart electric vehicles, enhancing its position in the automotive sector [7]. Institutional Holdings - As of the end of September, approximately 210 institutions held a total of 1.455 billion shares of ZTE, although this represents a reduction of about 82.225 million shares compared to the previous quarter [8]. - The cumulative holding ratio of institutions decreased to 36.13% from 38.17% in the previous quarter [8]. Analyst Outlook - Tianfeng Securities maintains a "buy" rating for ZTE, citing its leadership in the domestic ICT sector and its strategic shift towards IT and AI capabilities [8]. - The adjusted profit forecasts for ZTE from 2025 to 2027 are 7.725 billion, 9.029 billion, and 10.459 billion respectively, with corresponding EPS estimates of 1.61, 1.89, and 2.19 [8].